Freshfields is thought to have taken the lead role for the administrators Ernst & Young on the collapse of Heritable Bank - the Scottish subsidiary of Iceland's Landsbanki – under a team led by head of restructuring and insolvency Ken Baird, restructuring and insolvency partner Nick Segal, dispute resolution partner Neil Golding and restructuring and insolvency counsel Anne Sharp.
The firm is also acted for the Bank of England in relation to both Heritable Bank and UK banking arm Kaupthing Singer & Friedland (KSF), which also went into administration yesterday (8 October).
The magic circle firm has fielded a separate team for the Bank of England under corporate partners Michael Raffan and Frank Miller, principal consultant Graham Nicholson, head of global finance Alan Newton and restructuring and insolvency partner Richard Tett.
Following news of the administration, ING Direct has acquired retail deposits from both KSF and Heritable.
Denton Wilde Sapte has taken the lead for the Financial Services Compensation Scheme with dispute resolution partner Richard Caird leading. The firm is also acting as conflicts counsel to the administrators with restructuring partner Nigel Barnett taking the head role.
Meanwhile, Allen & Overy restructuring head Mark Sterling is thought to be advising KSF in the
Slaughter and May has been brought in to act for regular client the Treasury. The Financial Services Authority is dealing with the matter in-house in
Keep abreast of all the latest post-Lehman developments in our Legal Week Wiki special.
